Appropriating $35,000 Community Development Block Grant Fund to Develop a Neighborhood Housing Services Program

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PAGE 5 3. a one (1) and one-half.(-f) day session (resident inclusion workshop) followed by four (4) to six (6) weeks of committee work, 4. a two (2) to three (3) hour session (organizational meeting) followed.by. four (4) weeks of committee work, 5. a two (2) to three (3) hour session (an incorporation meeting) resulting in the actual incorporation of a Neighborhood Housing Services. During this workshop structure, residents of the neighborhood chosen for the program are brought into the process, fully informed and involved in creating the non- profit corporation that results. After incorporation, the new institution is aided in obtaining its non- profit tax status, in obtaining foundation support and in selecting and training permanent staff. The local Task Force staff member then works for a short period with the newly hired staff in setting up work procedures. When the program has become fully operational, an informational seminar is arranged for lending officers and appraisers, of all participating financial institutions, fee appraisers, representatives of private mortgage companies, and regulatory agencies' examiners. Direct Task support phases out at this point, except for liaison and information assistance, and the NHS becomes an independent private entity. After becoming operational, NHS operating expenses will approximate $60,000 per year, per neighborhood, on an outgoing basis, and a High Risk Revolving Loan Fund must be built up to a total of $300,000- $400,000 over a two or three year period.